Thornburg Investment Management Inc. Cuts Stock Holdings in PJT Partners Inc. (NYSE:PJT)

Key Points

• Thornburg Investment Management Inc. lowered its stake in PJT Partners by 25.2%, owning 49,933 shares after selling 16,791 shares, worth approximately $6.88 million.
• Several hedge funds have recently adjusted their positions in PJT Partners, with 89.23% of the stock being held by institutional investors.
• Analysts have mixed opinions on the stock, with a consensus rating of "Hold" and an average target price of $164.00, while Keefe, Bruyette & Woods raised their price objective significantly from $161 to $199.

Thornburg Investment Management Inc. cut its holdings in PJT Partners Inc. (NYSE:PJT - Free Report) by 25.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 49,933 shares of the financial services provider's stock after selling 16,791 shares during the period. Thornburg Investment Management Inc. owned 0.21% of PJT Partners worth $6,885,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. New York State Teachers Retirement System boosted its holdings in PJT Partners by 11.4% in the 1st quarter. New York State Teachers Retirement System now owns 12,253 shares of the financial services provider's stock worth $1,689,000 after buying an additional 1,254 shares during the period. Millennium Management LLC bought a new position in PJT Partners in the 4th quarter valued at $555,000. Principal Financial Group Inc. boosted its holdings in PJT Partners by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 143,579 shares of the financial services provider's stock valued at $19,797,000 after purchasing an additional 3,645 shares during the period. GAMMA Investing LLC lifted its holdings in shares of PJT Partners by 18,294.4% during the 1st quarter. GAMMA Investing LLC now owns 82,039 shares of the financial services provider's stock worth $11,312,000 after acquiring an additional 81,593 shares during the last quarter. Finally, Richard Bernstein Advisors LLC bought a new stake in shares of PJT Partners during the 1st quarter worth $3,373,000. 89.23% of the stock is owned by institutional investors.

PJT Partners Trading Up 0.3%

Shares of PJT stock traded up $0.47 during mid-day trading on Friday, reaching $179.09. The stock had a trading volume of 314,089 shares, compared to its average volume of 283,681. The stock's 50-day moving average price is $165.43 and its two-hundred day moving average price is $155.01. PJT Partners Inc. has a 52-week low of $116.06 and a 52-week high of $190.27. The firm has a market capitalization of $4.38 billion, a PE ratio of 30.77 and a beta of 0.76.

PJT Partners (NYSE:PJT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.18. PJT Partners had a net margin of 10.45% and a return on equity of 25.47%. The company had revenue of $731.09 billion for the quarter, compared to analysts' expectations of $343.11 million. During the same quarter in the previous year, the company earned $1.19 earnings per share. PJT Partners's quarterly revenue was up 13.0% on a year-over-year basis. On average, equities research analysts forecast that PJT Partners Inc. will post 6.2 earnings per share for the current year.

PJT Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.00 annualized dividend and a yield of 0.6%. PJT Partners's payout ratio is presently 17.18%.

Analyst Ratings Changes

A number of research firms have recently issued reports on PJT. Wolfe Research reaffirmed an "underperform" rating on shares of PJT Partners in a report on Thursday, July 10th. Keefe, Bruyette & Woods boosted their price target on shares of PJT Partners from $161.00 to $199.00 and gave the stock a "market perform" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $174.67.

Insider Activity

In other news, Director Kievdi Don Cornwell sold 10,403 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $150.29, for a total value of $1,563,466.87. Following the transaction, the director owned 8,847 shares in the company, valued at approximately $1,329,615.63. This represents a 54.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel David Adam Travin sold 2,288 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $178.06, for a total transaction of $407,401.28. The disclosure for this sale can be found here. Insiders have sold 22,288 shares of company stock worth $3,420,783 in the last three months. 11.75% of the stock is currently owned by insiders.

PJT Partners Company Profile

PJT Partners Inc, an investment bank, provides various strategic and capital markets advisory, restructuring and special situations, and shareholder advisory services to corporations, financial sponsors, institutional investors, and governments worldwide. It offers advisory services to clients on various transactions, including mergers and acquisitions (M&A), spin-offs, activism defense, contested M&A, joint ventures, minority investments, and divestitures.